Illinois 96th Regular Session Status: Failed

HB 5740 — SECURITIES LAW-VIOLATION-FINE

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 96th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Illinois Securities Law of 1953. Provides that the Secretary of State may impose a fine not to exceed $100,000 (instead of not to exceed $10,000) for a violation of the Law. Provides that in addition to any other sanction or remedy provided for, the Secretary of State, after finding that any provision of the Law has been violated, shall notify all of the clients of any sanctioned party, by registered mail, that a violation has taken place. Provides that the costs of this notification shall be covered by fines imposed on the sanctioned party. Provides for immunity from liability for the Secretary of State. Effective immediately.

Bill Text

Action History

  1. Session Sine Die

  2. Rule 19(a) / Re-referred to Rules Committee

  3. Assigned to Judiciary I - Civil Law Committee

  4. Referred to Rules Committee

  5. First Reading

  6. Filed with the Clerk by Rep. Bill Mitchell

Sponsors

  • Bill Mitchell · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Bill Mitchell

Not signed on (182)

182 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does HB 5740 do?
Amends the Illinois Securities Law of 1953. Provides that the Secretary of State may impose a fine not to exceed $100,000 (instead of not to exceed $10,000) for a violation of the Law. Provides that in addition to any other sanction or remedy provided for, the Secretary of State, after finding that any provision of the Law has been violated, shall notify all of the clients of any sanctioned party, by registered mail, that a violation has taken place. Provides that the costs of this notification shall be covered by fines imposed on the sanctioned party. Provides for immunity from liability for the Secretary of State. Effective immediately.
Who sponsors HB 5740?
HB 5740 is sponsored by Bill Mitchell.
What is the current status of HB 5740?
This bill died with 96th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 5740?
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Last checked for changes 3 months ago · updated continuously

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